Iraq’s foreign reserves rose from USD 73 billion to nearly USD 80 billion in September and October, according to a statement by a Central Bank spokesperson. Oil exports brought more dollars into the country.
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At the opening of the Brazil & Arab Countries Economic Forum, speakers said the relationship between Brazil and Arab countries could evolve beyond trade and highlighted challenges in the Middle East.
Qatar Chamber delegation says it wants to partner with Brazilian companies, especially food producers, to set up operations in the country.
Sales from the Arab country, concentrated in fertilizers, grew more than 500% between January and April. Exports ended the period down 8%.
So far this year, both exports and imports have increased compared to 2025. Total trade volume has reached USD 171 million.
Five Arab countries were represented in a pavilion organized by the Arab-Brazilian Chamber of Commerce at the food industry exhibition. Companies including Tunisia’s Riviere d’Or olive oil and Lebanon’s Sahtayn Foods found new retail channels at Anuga.
The food industry show ending this Thursday (9) in São Paulo featured an area and a forum focusing on the Islamic market, cementing its status as a source of information for businesses in the sector.
Iraq’s Oil Ministry said it has started sending tanker trucks carrying oil to Syria. Iraq depends on the Strait of Hormuz for exports, while Syria has a Mediterranean coastline.
In Brazilian agribusiness, the war in the Middle East creates uncertainty over urea supply, affects diesel prices used in the field, and is already impacting logistics. Brazil’s agribusiness lobby, CNA, analyzes the effects.
The Organization of the Petroleum Exporting Countries made the decision after oil exports through the Strait of Hormuz, a tanker route, were halted due to the conflict in the Middle East.
Brazilian exports to the Arab market grew 10% compared to January of last year, reaching a total of USD 1.98 billion. Imports are declining.
The Gulf country was the top destination of Brazilian exports in January. Saudi Arabia was the third-largest customer, according to ABPA.
Egypt, Saudi Arabia, Algeria, the United Arab Emirates, Lebanon, and Libya are among the 20 leading destinations of the product, which reached a record export volume in September.
Brazilian machinery and equipment industries saw a rise in revenue from foreign markets in August, according to ABIMAQ data.
